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Kelsey is a cash-basis, calendar-year taxpayer. Her salary is $30,000, and she is single. She plans ...

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Kelsey is a cash-basis, calendar-year taxpayer. Her salary is $30,000, and she is single. She plans ...

Kelsey is a cash-basis, calendar-year taxpayer. Her salary is $30,000, and she is single. She plans to purchase a residence in 2010. She anticipates her property taxes and interest will total $8,000 in 2010. Each year, Kelsey contributes approximately $1,500 to charity. Her other itemized deductions total $2,000. For purposes of this problem, assume 2010 tax rates, exemptions, and standard deductions are the same as 2009.
a.   What will her gross tax be in 2009 and 2010 if she contributes $1,500 to charity in each year?
b.   What will her gross tax be in 2009 and 2010 if she contributes $3,000 to charity in 2009 but makes no contribution in 2010?
c.   What will her gross tax be in 2009 and 2010 if she makes no contribution in 2009 but contributes $3,000 to charity in 2010?
d.   Why does alternative "c" yield the lowest tax?

Textbook

Prentice Hall's Federal Taxation: 2011: Individuals

Edition: 14^th

Authors: Pope, Anderson, Kramer

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Prentice Hall's Federal Taxation by Kramer

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We do not judge the people we love.

Prentice Hall's Federal Taxation by Kramer

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